Assume Nikken Microsystems has sold Internet servers to Telecom Espaa for 700,000. Payment is due in 3 months and will be made with a trade acceptance from Telecom Espaa Acceptance. The acceptance fee is 1.0% per annum of the face amount of the note. This acceptance will be sold at a 4% per annum discount. What is the annualized percentage all-in-cost in euros of this method of trade financing?